[LG Chem]
SEOUL -- LG Chem, a major South Korean chemical company known for electric car batteries, signed a five-year contract with Nemaska Lithium of Canada to receive 7,000 tons of battery grade lithium hydroxide per year.
The deal is part of LG Chem's efforts to secure a stable supply network of raw materials for electric vehicle batteries. Nemaska Lithium will supply lithium hydroxide for an initial five-year period starting in October 2020.
In April, LG Chem and Huayou Cobalt, a major cobalt supplier in China, agreed to jointly produce key materials for lithium-ion batteries -- precursor and cathode materials. LG Chem operates battery plants in China, the United States and Poland.
"We are pleased with this first step towards establishing a long-term commercial relationship between LG and Nemaska Lithium," Nemaska Lithium CEO Guy Bourassa said in a statement.
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